No-income investment property loans are a wonderful tool for numerous investors across the country. They allow investors under specific.
A NINJA loan is a slang term for a loan extended to a borrower with "no income, no job and no assets." NINJA loans have largely ceased to exist in the U.S. due to tighter lending standards put in.
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No income no asset loans (also called NINA loans) are for self employed people who do not or cannot disclose both income and assets. NINA loans are also for borrowers whose income and assets are typically not sufficient to qualify for a loan. In this case, the borrower will need to have good credit.
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Fannie Mae Rules for Asset Depletion Loans. Fannie Mae provides a majority of the asset depletion loans. Fannie Mae allows a maximum 70% loan-to-value ratio on loans that use assets in the place of income. This means you need a 30% down payment plus the closing costs. This could take a large chunk off the assets you use for qualification purposes.
Before I go any further, please remember that every home loan application is different. In fact, this couldn’t be a more powerful statement considering today’s unbelievably favorable mortgage market.
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With the passing of the Frank-Dodd Act of 2010, stated income loans for owner-occupied properties are now illegal. Lenders must fully document a borrower’s ability to repay the loan either with income or assets. (stated income loans still exist for real estate investors, however, because they aren’t purchasing an owner-occupied home.)
NINA loans are making a comeback and are now available through certain lenders. NINA stands for No Income No Asset verification and the NINA loan has been popular with small business owners before the lending industry went through its most recent financial crisis.
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